A piece of land in Victoria that’s been eyed by developers for decades has a new proposal in place that will bring more than 1,000 rental units to B.C.’s capital city.
A new plan is being submitted to the city for a major development at the site around the historic E&N Roundhouse in Victoria West.
Over the years there have been multiple plans for the site. Developer Focus Equities thinks the latest proposal will be a winner.
The plans call for four to five rental apartments along with two condo towers that would be anywhere from 26 to 30 storeys tall.
The site will also include a market and retail space.
Ken Mariash, the owner of Focus Equities, says he expects rent to be anywhere between $1,200 and $1,500 a month.
Mariash said city staff are already working with the developer on the proposal.It’s expected the project will be up for debate sometime in the coming weeks.
According to Mariash, about $20 million worth of land remediation is needed on the former industrial site, and another $20 million to $25 million is required to renovate the historic structures.
With files from Carla Wilson, Times Colonist